Buy Now Pay Later Market: Valued at USD 7.2 Billion (2022) & Record 18.5% CAGR During the Forecast Period

The trend of buy now pay later has seen a massive upsurge in recent years owing to the advantages it offers to consumers, including the ease of payment & fulfillment of their urge to own expensive items such as appliances, electronics, furniture, etc., without facing the burden of high costs. According to a recent report published by MarkNtel Advisors, the Global Buy Now Pay Later Market size was valued at USD 7.2 Billion in 2022 and is estimated to grow at a CAGR of around 18.5% during the forecast period, i.e., 2024-30.

Moreover, the rising application of buy now pay later payment alternatives on websites & retail stores by businesses and merchants has extensively aided in the growth of the market’s revenue globally. Additionally, the rising urge of consumers to own discretionary products & the lesser availability of disposable income among the youth has led to wide adoption of buy now pay later service across the world.

Furthermore, the research report further states that the market is anticipated to boost in the forecast period given the integration of buy now pay later (BNPL) services by major financial service providers such as Visa, MasterCard, American Express, and others.

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Top Players Leading in the Global Buy Now Pay Later Market

The major companies leading in the Global Buy Now Pay Later Market include Klarna, Afterpay, Affirm Inc., Laybuy Group Holdings Limited, PayPal Holding Inc., Kredivo, Zip Co. Ltd., Splitit, Sezzel, Amazon, Flipkart, Scalapay S.R.L., Perpay Inc., Paytm, PayI8r, and Others (MasterCard, American Express, Visa, etc.)

Evaluating the Global Buy Now Pay Later Market Segmentation

• By Sales Channel (Online and Point of Sales)
• By Application (Healthcare, Clothing & Accessories, Media & Entertainment, Travel & Leisure, Consumer Electronics, and Others)
• By End User Age Group (18-34 years, 35-54 years, and Above 54 years)
• By Region (North America, South America, Europe, The Middle East & Africa, and Asia Pacific)

The buy now pay later services are remarkably used by the population of the age group 18-34. The rising awareness about the financial benefits such as decreased interest rates, long paycheck periods, ease in availing credit, and much more, precisely among the youth population consisting of Gen Z and millennials have led to the adoption of BNPL services in this age group extensively. Furthermore, the buy now pay later service providers are flooded with innovative opportunities to rise given the lesser availability of financing solutions & services, including credit cards & credit lines for the age group. Moreover, the buy now pay later services have enabled the age group of 18 to 34 years to make major investments in the enhancement and upgradation of several categories, including Edtech courses, clothing, and electronics.

A significant share of the Global Buy Now Pay Later Market was captured by consumer electronics in the years 2018-21. The Consumer Electronics Market is among the most quickly developing & evolving industries where numerous innovations & the launch of fresh products/gadgets take place every year. The demand for consumer electronics has escalated massively in the last few years owing to the rapid-paced urbanization and the urge of the people to own the latest technologies & gadgets. Moreover, the buyer’s low disposable income and the spiking prices of electronics have propelled the customers to opt for buy now pay later services further lessening their burden and boosting the Global Buy Now Pay Later Market at the same time.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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